Freshworks Inc. (NASDAQ:FRSH) Director Sells $10,990.20 in Stock

Freshworks Inc. (NASDAQ:FRSH) Director Barry L. Padgett sold 780 shares of the business’s stock in a transaction dated Monday, May 6th. The stock was sold at an average price of $14.09, for a total transaction of $10,990.20. Following the transaction, the director now owns 17,387 shares in the company, valued at $244,982.83. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink.

Freshworks Stock Down 3.1 %

NASDAQ FRSH traded down $0.44 during trading hours on Wednesday, hitting $13.82. 2,337,223 shares of the stock were exchanged, compared to its average volume of 2,841,423. The company has a market cap of $4.12 billion, a price-to-earnings ratio of -34.55 and a beta of 0.88. The stock has a 50-day moving average of $18.04 and a 200 day moving average of $19.92. Freshworks Inc. has a 12-month low of $13.01 and a 12-month high of $24.98.

Freshworks (NASDAQ:FRSH) last announced its quarterly earnings data on Tuesday, February 6th. The company reported ($0.09) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.04. The business had revenue of $160.11 million for the quarter, compared to analyst estimates of $158.11 million. Freshworks had a negative net margin of 18.93% and a negative return on equity of 10.66%. On average, equities research analysts expect that Freshworks Inc. will post -0.37 earnings per share for the current year.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. Morgan Stanley reduced their price target on shares of Freshworks from $22.00 to $18.00 and set an “equal weight” rating on the stock in a research note on Thursday, May 2nd. JMP Securities cut their target price on shares of Freshworks from $29.00 to $21.00 and set a “market outperform” rating on the stock in a research note on Thursday, May 2nd. Oppenheimer cut shares of Freshworks from an “outperform” rating to a “market perform” rating in a report on Thursday, May 2nd. Needham & Company LLC restated a “buy” rating and issued a $30.00 target price on shares of Freshworks in a report on Wednesday. Finally, Piper Sandler lowered their target price on shares of Freshworks from $28.00 to $22.00 and set an “overweight” rating for the company in a report on Thursday, May 2nd. Eight analysts have rated the stock with a hold rating and ten have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $22.59.

Hedge Funds Weigh In On Freshworks

A number of hedge funds have recently added to or reduced their stakes in FRSH. Board of Trustees of The Leland Stanford Junior University boosted its holdings in shares of Freshworks by 1.9% during the fourth quarter. Board of Trustees of The Leland Stanford Junior University now owns 35,019 shares of the company’s stock valued at $823,000 after acquiring an additional 638 shares during the period. Arizona State Retirement System boosted its holdings in shares of Freshworks by 2.6% during the third quarter. Arizona State Retirement System now owns 40,667 shares of the company’s stock valued at $810,000 after acquiring an additional 1,020 shares during the period. Allspring Global Investments Holdings LLC lifted its holdings in Freshworks by 9.2% in the first quarter. Allspring Global Investments Holdings LLC now owns 13,755 shares of the company’s stock worth $250,000 after purchasing an additional 1,160 shares during the period. Victory Capital Management Inc. lifted its holdings in Freshworks by 12.1% in the third quarter. Victory Capital Management Inc. now owns 16,215 shares of the company’s stock worth $323,000 after purchasing an additional 1,750 shares during the period. Finally, ProShare Advisors LLC lifted its holdings in Freshworks by 8.5% in the first quarter. ProShare Advisors LLC now owns 29,127 shares of the company’s stock worth $530,000 after purchasing an additional 2,293 shares during the period. Institutional investors and hedge funds own 75.58% of the company’s stock.

About Freshworks

Freshworks Inc, a software development company, provides software-as-a-service products worldwide. It offers Freshworks Customer Service Suite, which provides automated, personalized self-service on various channels, including web, chat, mobile messaging, email, and social; Freshdesk, a ticketing-centric customer service solution; Freshsuccess, a customer success solution; and Freshchat that provides agents with a modern conversational experience to proactively engage customers across digital messaging channels.